Entrepreneurs speak out - G20 Young Entrepreneurs` Alliance (G20

Transcription

Growing Beyond
Entrepreneurs speak out
A call to action for G20 governments
The Nice Côte d’Azur 2011
Entrepreneurship Barometer
Produced for the G20 Young Entrepreneur Summit,
October 2011
Country digest
Argentina
Australia
•Brazil
Canada
China
France
Germany
India
Indonesia
Italy
Japan
Mexico
Russia
Saudi Arabia
South Africa
South Korea
Turkey
United Kingdom
United States
European Union
The perception barometer
Viewpoint
This study focuses on the entrepreneurship environment of
G20 countries through the lens of five fundamental enablers:
entrepreneurship culture; education and training; access to funding;
regulation and taxation; and coordinated support.
Alexandre Costa
Chairman, Cacau Show, Brazil
Through these enablers, we explore the climate for entrepreneurs in
the G20 countries and the likely direction things will take.
Our original approach is based on:
• Quantitative economic indicators
• The opinions of entrepreneurs on the progress and impact of
specific enablers
Our perception barometer sums up progress as evaluated by more
than 1,000 entrepreneurs during the last five years, using four
score ranges.
–
+
Det
er
i
––
Tendency
Im
p
Weighted score:
higher quartile
ved
ro
d
ate
r
o
++
Weighted score:
lower quartile
The analysis of these indicators and opinions also highlights how
entrepreneurs’ perceptions may differ from the latest economic
figures; a divergence that may be due to cultural bias, derivative
ideas or lack of information. Red tape can also present challenges
when it comes to accessing sources of funding.
These gaps in perception raise a call to action for governments to
tackle these specific issues.
The seed for Brazilian chocolate
retailer Cacau Show was sown in
1988, when founder Alexandre Costa
was just 17 years old. He opened his
first franchise in 2001, and today the company has almost
1,100 franchises in Brazil and produces 14,000 tons of
chocolate a year.
“People in Brazil are increasingly looking to entrepreneurs for
inspiration, but this has not always been the case; it is a fairly
recent development. In the past, young people wanted to
work for big corporations and major multinational companies.
Now, entrepreneurs are showing the younger generation that
they can achieve their dreams.
“The Government understands that it is important and has
taken some steps toward developing entrepreneurial behavior
and reinforcing this message. There are various initiatives
already in schools and various sponsorship programs to help
young people through education. A further step could be for
the Government to provide some funding for budding
entrepreneurs. However, the message needs to be one of
encouragement rather than just financial support. This would
help foster a culture of entrepreneurship in Brazil.
“Simplifying the tax system to encourage entrepreneurship
would also have a positive impact. Politicians frequently
talk about tax reform, but we have not seen any concrete
changes yet.”
The Nice Côte d’Azur 2011 Entrepreneurship Barometer by Ernst & Young
Brazil
High potentials and strong growth
Strong economic growth, coupled with great policy
improvements, make Brazil one of the most attractive countries
for young entrepreneurs. On the G20 scale, Brazil scores third
best country among the G20 in offering young entrepreneurs the
most favorable environment. Brazil comes after the United States
(24%) and China (8%), and slightly above Germany and Canada
(6%). Among young Brazilian entrepreneurs, 58% believe their
country is the best in the G20 for business.
Creation of new businesses confirms the optimism about the
country, having risen from 243,643 in 2005 to 315,066 in 2008
— a 29.3% jump, which compares favorably with average increases
of 11.8% for the G20 and 5.3% for rapid-growth markets in the
group. Reflecting this, the country’s new business density,
which measures new registrations per 1,000 people aged 15–64,
increased from 1.9 to 2.4 in the same period, all but closing the
gap with the G20 average (2.5) and well above the average
rapid-growth market (1.3). Moreover, 80% of jobs being created in
Brazil are through small and medium enterprises (SMEs).
Yet challenges still abound for young entrepreneurs in Brazil.
For example, access to funding has improved in recent years,
but remains difficult, more so than in the G20 as a whole.
Starting a new business requires much more time and many more
procedures than in the group’s average and, despite recent
progress, the country still lags behind the G20 average in terms
of university education and research and development (R&D).
New businesses registered
Brazil compared to G20 and rapid-growth market average
400,000
General and specific factors influencing the
entrepreneurship environment
Strengths
• Access to tertiary education is increasing sharply
• Brazilian culture is becoming more favorable for
entrepreneurs
• Private equity (PE)‑backed IPOs accounted for almost
30% of all IPOs in 2006 and 2007
Weaknesses
• The legal system is still very complex and bureaucratic
• Starting a new business is a cumbersome task
• High tax rates and the complexity of the tax system are
a significant disadvantage
• Average PE deals are quite small
• High interest rates compared with other markets
Opportunities
• Economic growth has increased the size of the domestic
market, generating more business opportunities
• Increases in R&D spending and in the number of
researchers are likely to lead to more patents being filed
in Brazil than has been the case thus far
• High demand for infrastructure investments
• Highly fragmented market in many sectors, with
consolidation opportunities
• Small capital markets and a local preference for
government bond investment is an important opportunity
for development of the local capital markets
Threats
300,000
200,000
100,000
0
2005
G20 average
2006
2007
Brazil
2008
2009
Rapid-growth market average
Source: World Bank. Data not available for US, China and Saudi Arabia.
• The degree of ease involved in starting a business has
not improved quickly enough in Brazil given the extent
of the current difficulties
• A complex and bureaucratic tax system threatens
Brazil’s competitiveness
• High labor costs and an inflexible labor regulatory
environment threatens growth and innovation
• A strong exchange rate undermines the international
competitiveness of Brazilian SMEs
• Higher competition for deals in certain industries has
increased asset prices
Entrepreneurs speak out The Nice Côte d’Azur 2011 Entrepreneurship Barometer | Brazil digest
1
Entrepreneurship culture
A favorable cultural shift
Do you think that the culture of your country
encourages entrepreneurship?
No
26%
Yes
74%
Overall, Brazilian culture is perceived as supportive
of entrepreneurship by 74% of our respondents.
In comparison, it ranks below rapid-growth markets’
80% and the G20’s 76%.
60%
of respondents think that the positive Corporate
and Social Responsibility (CSR) image of
entrepreneurship has a high impact on improving
the entrepreneurship culture
Brazilian entrepreneurs are divided in their
perception of business failure. Although it
is perceived as a learning opportunity by
about half of the respondents, higher than
the rapid-growth markets average, a large
proportion believe that it would be a barrier
to future business projects.
Mature markets: 72%
Rapid-growth markets: 80%
Source: The Nice Côte d’Azur 2011 Entrepreneurship Barometer
by Ernst & Young.
84%
recommend improving communication around
entrepreneurs’ success stories to influence the
entrepreneurship culture positively in the future
Brazil has stepped up its number of
scientific and technical journal articles
per million inhabitants, which jumped
20.1% during 2005–07 to reach 11,885.
While this increase has far outpaced that
observed in the G20 average, Brazilian
production in 2007 remained slightly over
one-third of the group’s mean. Similarly,
How do you think business failure is perceived in your country by
the business environment?
It has no impact on
future business projects
50%
40%
30%
It’s a lack of
appropriate skills
20%
It’s a learning
opportunity
10%
0%
the number of Brazilian researchers in R&D
has increased much faster than in the G20
average, but remains significantly below the
latter. The Government has clearly sought
to foster entrepreneurship. For example,
infoDev’s Global Forum on Innovation and
Entrepreneurship established a strategic
partnership with the Brazilian Ministry
of Science and Technology, the Brazilian
Service to Support Micro and Small
Businesses (SEBRAE) and the National
Association of Entities Fostering Innovative
Undertakings (ANPROTEC). Through this
partnership, Brazil joined infoDev’s Donors
Committee and hosted infoDev’s 3rd Global
Forum on Innovation and Entrepreneurship
in 2009. Co-incubation, mobile technology
and clean technology were all identified
as priorities for infoDev’s global incubator
network.
Rapid-growth markets
Brazil
It’s a career failure
It’s a barrier for future
business projects
Source: The Nice Côte d’Azur 2011 Entrepreneurship Barometer by Ernst & Young.
Brazil
Innovative environment
2007
G20 average
Change
2005–07
2007
Change
2005–07
R&D expenditure (% of GDP) 2005–071
1.1
+0.1 p.p.
1.5
+0.14 p.p.
Scientific and technical journal articles
(per million of population)
11,885
+20.1%
31,376
+6%
657
+11.7%
2,340
+0.5%
Researchers in R&D (per million of population)2
p.p.: percentage points
1. G20 average based on the 18 countries for which data is available for 2007.
2. G20 average based on the 13 countries for which data is available for 2007.
2
Education and training
Specific training makes better entrepreneurs
Do you think that students need to follow specific
training to become entrepreneurs?
Can’t say
No
2%
32%
Regarding business education, 66% of Brazilian
entrepreneurs believe specific training makes better
entrepreneurs. And many expressed satisfaction with
the quality of that offered in Brazil.
80%
2008
School enrollment, secondary (% gross)
School enrollment, tertiary (% gross)
view specific programs at universities and business
schools as a key priority to boost student favorability
of entrepreneurship as a career option
special attention to establishing courses
in the areas of telecenter management
and digital entrepreneurship. All of the
356 telecenter operators that registered for
the first pilot were supported in their efforts
to promote more options for their social
enterprise, and to become centers of digital
inclusion.
The Brazilian national telecentre.org
Academy, run by the Telecentre Information
and Business Association (ATN), pays
Brazil
Public spending on education, total
(% of GDP) 20074
by Ernst & Young.
The gross enrollment ratio in secondary
education, above 100%3 until recently,
illustrates this catch-up process. A
corresponding figure of 34.4% for
enrollment in tertiary education, against
53.5% for the G20, reveals the country
lags behind in this area.
The majority of respondents described
recent improvements in college and
school programs, coaching sessions for
entrepreneurs, conferences, seminars and
dedicated chairs at universities. Brazil’s
efforts in relation to the development of
education on a wider scale are patent.
The Government invests a higher share
of its GDP (5.1%) on it than the average
of other G20 countries (4.8%). The increase
in its rate scored a record in the group.
66%
Mature markets: 59%
96%
of respondents acknowledge better
entrepreneurship conferences and seminars
Yes
G20 average
Change
2005-08
2008
Change
2005-08
5.1
+0.6 p.p.
4.8
+0.3 p.p.
100.8
-4.8 p.p.
95.9
+1.6 p.p.
34.4
+9 p.p.
53.5
+1 p.p.
3. Percentage above 100% reflects that 100% of the official age group is receiving that level of education in addition to people of other age groups.
4. Figure for 2007, the latest year for which data is available. Change based on 2005–07 data.
3
Access to funding
Adverse conditions haven’t beaten optimism
In light of the fact that 72% of our respondents described difficulties, it’s clear
young Brazilian entrepreneurs are facing adverse funding conditions. This rate
compares with 62% on the G20 scale and 59% for the rapid-growth markets.
Despite the difficulties perceived in
accessing to funding for young
entrepreneurs, the outlook remains
optimistic on the progress already
achieved. Seventy-eight percent described
a change for the better in access to funding
through bank loans. Brazil’s development
bank, BNDES, could have prompted
this perception, given its provision of
investments and financing to small
companies. The main obstacle remains the
high interest rates charged on corporate
loans, which rules out bank financing for
many start-ups. As an example, the average
annual interest rate on corporate loans in
Brazil exceeded 31% in May 2011.
98%
Since 2009, entrepreneurs have also
benefited from public aid through the
Primera Empresa Inovadora (PRIME)
program, i.e., the First Innovative
Enterprise. It creates favorable financial
conditions for emerging companies, helping
them to overcome the difficulties found in
their initial phase of development, in order
Equity Association estimates that US$20b
has been raised in the last 15 years.
This increase probably helps explain why
Brazilian entrepreneurs perceive PE as the
most significant funding option looking
ahead, with 72% of respondents saying it
will have a high impact on entrepreneurship
over the next three years, compared with
an average of 38% in the G20 and of 44%
in its rapid-growth markets.
However, the most promising growth
sector for SME financing is venture capital
(VC) and PE funding. PE deals jumped by
over 5,000% between 2005 and 2010,
to nearly US$6.3b. This was by far the
largest increase in the G20 and compares
with a 22% decline in the group’s average.
The Brazilian Venture Capital and Private
Value of SME share trading
1,200
1,000
800
600
400
200
0
2005
2006
2007
2008
2009
2010
Change
2005–10
Perception
barometer
2005–10
n.a.
n.a.
++
G20 average
2010
Change
2005–10
Perception
barometer
2005–10
n.a.
+48%
+
755
+1,031%
++
n.a.
+17%
+
SME bank loans (% of GDP)6
3.77%
n.a.
++
14.1%
n.a.
+
Private equity (US$m)
6,283
+5,348%
++
n.a.
-22%
+
SME stock markets (number of listed companies)
88
-20%
++
n.a.
+22
+
IPOs in main stock market (number of deals)
11
+83%
++
n.a.
12%
+
IPO in SMEs stock market (number of deals)
n.a.
n.a.
n.a.
-33%
Venture capital (US$m)
n.a.: data not available
5. G20 average of the seven countries for which data is available through The European Trade of Association for Business Angels (EBAN).
6. G20 average of the 14 countries for which the indicator is available.
4
2010
Source: World Federation of Exchanges.
Brazil
Business angels (number of networks)5
are convinced that private equity (PE) will have
a medium to high impact in the future to improve
their long-term growth
to create not only new products, but also
new jobs. The project disburses around
US$65,000 to innovative start-ups.
US$m
72%
underline the difficulties in accessing
funding for young Brazilian entrepreneurs
Regulation and taxation
Cheap costs but a great burden to tackle
The tax and legal burden represents a strong constraint for young entrepreneurs in
Brazil. The only positive light in the Brazilian start-up picture is the cost of starting
a business. As a share of per capita income, it stands lower than the G20 average.
120
days are required to start a new business, against
24 in the G20
No other G20 or rapid-growth markets
country can compete with Brazil in terms
of the start-up burden. The numerous
procedures almost double the G20 average
(15 against 7.7). The time spent on tax
issues per year (2,600 hours) is on a
completely different scale from other
G20 countries (367 hours).
Of the young entrepreneurs surveyed,
42% believe that the ease of starting a
business has, in general, been improving
in Brazil. Recent developments confirm
this perception. For example, it now takes
32 fewer days to start a business than in
2006. However, Brazil remains, by far,
the G20 country where starting a business
takes longest — at 120 days, it is followed
by Indonesia with 47.
Brazil
7.3%
of income per capita — the cost of business
creation is lower than the rest of the group
Through this law, small businesses with
a turnover up to R$2.4m can benefit
from a reduced tax rate and be prioritized
for a government procurement of up to
R$80,000.
In comparison, the task takes 33.2 days in
the average G20 rapid-growth market, and
22.3 in the group’s mean. Nonetheless,
64% of Brazilians think that the regulations
around starting a business are onerous.
This suggests that, despite the perceived
improvement, the regulatory environment
is still a long way from the ideal that
entrepreneurs would like to see.
The increase in R&D spending in Brazil as
a share of GDP between 2005 and 2007
(last data available) has been similar to
that observed in the G20 as a whole. Yet
the number of patents in Brazil is still much
lower than the group’s mean and unlikely to
reach it in the foreseeable future — not least
because the Brazilian increase here has
been slightly slower than the average rise
in the group.
Despite the launch of the Lei Geral policy
in 2006, the majority of entrepreneurs
still reported that tax incentives had
remained unchanged over the last five
years. The Brazilian Government’s policy
on small businesses is contained principally
in Lei Geral. This law, for instance, has
simplified taxes for small and micro firms
and boosted government procurement.
G20
Brazil
Perception barometer
2005–10
2010
Innovation incentives
+
+
Tax incentives
-
+
Start-up incentives (% of GDP) 2005–08
Ease of starting a
business
+
+
Number of procedures to start a business
Tax subsidy rate for US$1 of R&D, SMEs — 2008
Time to start a business (days)
Cost to start a business (% income per capita)
G20 average
Change
2005–10
2010
Change
2005–10
0.254
n.a.
0.148
n.a.
n.a.
n.a.
n.a.
n.a.
15
-2
7.7
-1.4
120
-32
22.3
-18.1
7.3
-2.8
10.6
-9.8 p.p.
21,825
+9%
123,375
+9,6%
-72.4
Intellectual Property
(IP) protection
+
+
Number of patents 2005–097
Business regulation
-
+
Time spent on tax issues (hours per year)
2600
0
367.1
Labor market rigidity
-
+
Cost of hiring
0.28
n.a.
0.3
n.a.
Notice period
4.3
n.a.
5
n.a.
Severance cost
8.9
n.a.
12.2
n.a.
n.a.: data not available
7. G20 average based on 12 countries and European Patent Office for which data is available in 2005 and 2009.
5
Coordinated support
Impactful and improving
Do young entrepreneurs benefit from tailored
support in your country?
Can't say
Disagree
4%
42%
Although entrepreneurs feel support has improved over the
last five years, 64% of them still underline poor coordination
and collaboration between governments, associations and
education systems.
82%
think that incubators will have a medium
to high impact on improving the level of
support available
For our respondents, support can make a
difference to long-term growth. For them,
the most impactful avenues of support
are incubators, mentoring programs and
government agencies.
Moreover, 70% of those surveyed consider
that the collaboration and cooperation
between supporting organizations has
improved in the last five years, while
26% haven’t seen any change in that
coordination and only 4% think it has
worsened. Furthermore, 54% believe
52%
Agree
54%
Mature markets: 42%
by Ernst & Young.
have not seen improvements in the mentoring
programs for entrepreneurs in the last five years.
Other support programs are improving
that young Brazilian entrepreneurs benefit
from tailored support and 52% see such
support as efficient, while 64% think that
the coordination to support long-term
growth is poor. An example of government
efforts to improve the coordination of
support for entrepreneurs is the National
Incubation Support Program (PNI), which
is designed to bring together, coordinate,
improve and publicize institutional and
financial support activities at business
incubators and technological parks.
How would you evaluate the coordination
between governments, associations
and education systems in your country?
Mature markets: 41%
Well coordinated
36%
Poorly
coordinated
64%
Source: The Nice Côte d’Azur 2011 Entrepreneurship
Barometer by Ernst & Young.
Coordinated support — entrepreneurs’ perception of progress and future impact
Government
agencies
Impact of next three years
80.0
Mentoring program
Incubators
Chambers of commerce
60.0
Entrepreneurs’
clubs and associations
40.0
20.0
10.0
20.0
30.0
40.0
50.0
Progress of last ﬁve years
Source: The Nice Côte d’Azur 2011 Entrepreneurship Barometer by Ernst & Young.
6
Selection of government leading practices
Launch date
Main application area
2009
Access to funding
2008
Coordinated support,
regulation and
taxation
2008
Coordinated support,
entrepreneurial
culture, education
and training
2006
Regulation and
taxation
2002
Access to funding,
coordinated support,
entrepreneurial
culture, education
and training
1972
Access to funding,
coordinated support,
entrepreneurial
culture, education
and training
2009
Access to funding,
entrepreneurial
culture,
1952
Access to funding
2010
Access to funding
Fundo Garantidor de Investimento (FGI)
In 2009, Brazil’s state development bank, BNDES, announced its plans to take part in the creation
of a R$7 billion (US$3.7 billion) fund, Fundo Garantidor de Investimento (FGI), along with various
local and foreign banking groups, to bolster investment in SMEs. The FGI fund is another move by
the Brazilian Government to stimulate long-term lending to Brazilian SMEs, whose access to credit
was curtailed after the intensification of the global credit crisis in 2008.
Individual Entrepreneur Law
The Individual Entrepreneur Law aims to help informal individual entrepreneurs to formalize and
therefore have access to social benefits such as pension and medical aid and workers compensation.
To simplify the registration of entrepreneurs wanting to benefit from this law, the Ministry of
Development Industry and Commerce (MDIC), which oversees the development of small businesses,
launched an internet portal in 2009, where entrepreneurs looking to formalize can sign up. The law
also reduces the number of steps and pieces of information (41 to 7) an entrepreneur is required to
follow to register, and offers them lower taxation.
infoDev’s Global Forum on Innovation and Entrepreneurship
In September 2008, infoDev established a strategic partnership with the Brazilian Ministry of
Science and Technology, the Brazilian Service to Support Micro and Small Businesses (SEBRAE)
and the National Association of Entities Fostering Innovative Undertakings (ANPROTEC). Through
this partnership, Brazil joined infoDev’s Donors Committee and hosted infoDev’s 3rd Global Forum on
Innovation and Entrepreneurship in 2009. Co-incubation, mobile technology and clean technology
were all identified as priorities for infoDev's global incubator network.
Lei Geral policy
The Brazilian Government’s policy on small businesses is contained principally in Lei Geral, a law
that has simplified taxes for small and micro enterprises and boosted government procurement,
among other things. Through this law, it has become possible for small businesses with a turnover up
to R$2.4 million to be taxed less and be prioritized for a government procurement of up to
R$80,000, among other advantages.
National Incubation Support Program (PNI)
The Brazilian Ministry of Science and Technology is charged with implementation of the National
Program of Support to Business Incubators and Technological Parks (PNI), which is designed to
bring together, coordinate, improve and publicize institutional and financial support activities at
business incubators and technological parks. The program is aimed at fostering the creation of new
incubators, and the consolidation and expansion of existing ones. The PNI support consists of two
main components: technical assistance for incubator management and clients, and training services.
Brazilian Service to Support Micro and Small Businesses (SEBRAE)
The Brazilian Service to Support Micro and Small Businesses (SEBRAE) is an agency focused
on promoting competitive and sustainable development of micro and small enterprises as well as
on fostering entrepreneurship. It is funded by public resources and its council is represented by
the public and private sector. The agency has 27 regional offices and more than 850 business
development centers.
The PRIME Program (Primera Empresa Inovadora, i.e., First Innovative Enterprise)
PRIME’s main purpose is to create favorable financial conditions for emerging companies,
helping them to overcome the difficulties found in their initial phase of development.
The project disburses around US$65,000 to start-ups, selected by several incubators,
focused on innovation. The idea is not to just create new products, but new jobs.
The Brazilian Economic Development Bank (BNDES)
The bank offers several financial support mechanisms to Brazilian companies of all sizes,
as well as public administration entities, enabling investments in all economic sectors. In any
supported undertaking, from the analysis phase up to the monitoring, the BNDES emphasizes three
factors it considers strategic: innovation, local development and socioenvironmental development.
Rio Business Agency
Founded in 2010 by the City Government of Rio de Janeiro and coordinated along with the State
Government of Rio and private entities, such as the Commercial Association of Rio de Janeiro
(ACRJ) and the Federation of Industries of Rio de Janeiro (FIRJAN), Rio Business Agency was
created in order to promote, attract and enhance the development of new investments in the city
as well as build a new economic environment for Rio.
7
Methodology
Further details can be found in the methodology section
of The Nice Côte d’Azur 2011 Entrepreneurship Barometer
by Ernst & Young.
For this first edition of the Entrepreneurship
Barometer, our analysis of the G20 country
environment is articulated around
the five enablers (access to funding,
regulation and taxation, education and
training, entrepreneurship culture,
coordinated support) defined by the G20
Young Entrepreneurs’ Alliance (YEA) in
Toronto, Canada (20–22 June 2010).
Our analysis is based on four building
blocks: macroeconomic indicators, a
perception survey conducted across the
G20 countries, qualitative interviews of
emblematic entrepreneurs and an analysis
of G20 governments’ leading practices.
Throughout this report, we have used the
following definitions:
• Young entrepreneurs are young women
and men aged between 18 and 40
• The split of country groupings
between mature markets (MMs) and
rapid-growth markets (RGMs) is based
on the definition provided by the
International Monetary Fund (IMF)
• As no single definition is shared across
all the G20 countries for small and
medium enterprises (SMEs), we have
adopted each country’s respective
definition
We conducted a perception survey with an
international panel of 1,001 entrepreneurs
across the G20 countries (50 interviews per
country). The field research was conducted
by CSA Institute between 27 May and
7 July 2011. The perception barometer
was calculated using a weighted average of
country performance scores.
8
Our quantitative analysis is based on the following economic indicators:
Access to Funding
Business angels
• Number of business angel networks [EBAN]
Venture capital (VC) fund-raising
• Equity invested (US$m) [TO]
SME lending
• Loan value (% of GDP) [WB]
Private equity (PE)
• Deal value (US$m) [DL]
SME stock markets
• Value of shares trading (US$m) [WFE]
• Number of listed companies [WFE]
Broad public stock market
• Value of shares trading (US$m) [WFE]
• Number of listed companies [WFE]
Initial public offering (IPO) broad and junior
market activity
• IPO number of deals [DL]
• IPO capital raised [DL]
Entrepreneurship culture
Innovative environment
• Research and development expenditure (% of GDP) [WB]
• Scientific and technical journal articles (per million of population) [WB]
• Researchers in R&D (per million of population) [WB]
Regulation and Taxation
Tax subsidy rate for US$1 of R&D SMEs [OECD]
Start-up incentives (% of GDP) [OECD]
Starting a business
• Number of procedures [WB]
• Time (days) [WB]
• Cost (% income per capital) [WB]
• Minimum capital (% income per capital) [WB]
Number of patents [WIPO]
Time spent on tax issues (hours/year) [WB]
Cost of hiring, severance cost and notice period [WB]
Education and Training
Public spending on education, total (% of GDP) [WB]
School enrollment, secondary (% growth) [WB]
School enrollment, tertiary (% growth) [WB]
Tertiary-type A and advanced research program (number of graduates) [OECD]
Sources: Dealogic (DL), World Bank (WB), European Business Angel Association (EBAN), World Federation
of Exchanges (WFE), World Intellectual Property Organization (WIPO), Capital IQ data (CIQ), Organization for
Economic Cooperation and Development (OECD), ThomsonOne (TO).
Entrepreneurs speak out
A call to action for G20 governments
1
Through five key enablers, the Entrepreneurship Barometer analyzes
entrepreneurs’ perception as well as government leading practices in
order to provide key recommendations to governments and entrepreneurs.
2
The country profiles explore the national specificities of entrepreneurship
environment to provide a better understanding to entrepreneurs
considering international expansion.
3
Highlighting the main conclusions of the report, the Barometer website
provides further government leading practices and entrepreneurs’
success stories.
• www.ey.com/entrepreneurship-barometer
Ernst & Young
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About Ernst & Young
Contact
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and advisory services. Worldwide, our 152,000 people are
united by our shared values and an unwavering commitment to
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and our wider communities achieve their potential.
Andre Ferreira
Brazil Strategic Growth Markets Leader
Tel: +55 11 3054 0007
Email: [email protected]
Ernst & Young refers to the global organization of member firms
of Ernst & Young Global Limited, each of which is a separate
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by guarantee, does not provide services to clients. For more
information about our organization, please visit www.ey.com.
© 2011 EYGM Limited.
All Rights Reserved.
Leandro Sanches
Brazil Entrepreneur Of The Year Co-Leader
Tel: +55 11 2573 5050
Leonardo Donato
Brazil Entrepreneur Of The Year Co-Leader
Tel: +55 11 2573 3245
EYG No. CY0189
In line with Ernst & Young’s commitment to minimize
its impact on the environment, this document has been
printed on paper with a high recycled content.
This publication contains information in summary form and is therefore intended for
general guidance only. It is not intended to be a substitute for detailed research or
the exercise of professional judgment. Neither EYGM Limited nor any other member
of the global Ernst & Young organization can accept any responsibility for loss
occasioned to any person acting or refraining from action as a result of any material
in this publication. On any specific matter, reference should be made to the
appropriate advisor.
The opinions of third parties set out in this publication are not necessarily the opinions
of the global Ernst & Young organization or its member firms. Moreover, they should
be seen in the context of the time they were expressed.
Growing Beyond
In these challenging economic
times, opportunities still exist for
growth. In Growing Beyond, we’re
exploring how companies can best
exploit these opportunities — by
expanding into new markets, finding
new ways to innovate and taking
new approaches to talent. You’ll
gain practical insights into what you
need to do to grow. Join the debate
at www.ey.com/growingbeyond.
This report has been produced in collaboration with
Oxford Analytica (www.oxan.com), an independent
consultancy that has for over 35 years provided
authoritative analysis of the macro environment.

Entrepreneurs speak out - G20 Young Entrepreneurs` Alliance (G20

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